Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2020 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2020 |
Entity Registrant Name | voxeljet AG |
Entity Central Index Key | 0001582581 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Current assets | € 29,182 | € 31,513 |
Cash and cash equivalents | 5,975 | 4,368 |
Financial assets | 2,922 | 7,408 |
Trade receivables | 4,630 | 5,915 |
Inventories | 13,999 | 12,459 |
Income tax receivables | 30 | 39 |
Other assets | 1,626 | 1,324 |
Non-current assets | ||
Non-current assets | 28,952 | 31,052 |
Financial assets | 2,765 | 2,279 |
Intangible assets | 1,199 | 1,356 |
Property, plant and equipment | 24,919 | 27,343 |
Investments in joint venture | 27 | 30 |
Other assets | 42 | 44 |
Total assets | 58,134 | 62,565 |
Current liabilities | ||
Current liabilities | 9,093 | 18,855 |
Trade payables | 2,095 | 2,797 |
Contract liabilities | 4,782 | 2,623 |
Financial liabilities | 1,021 | 11,290 |
Other liabilities and provisions | 1,195 | 2,145 |
Non-current liabilities | ||
Non-current liabilities | 25,878 | 10,192 |
Deferred tax liabilities | 331 | 142 |
Financial liabilities | 25,542 | 9,866 |
Other liabilities and provisions | 5 | 184 |
Equity | ||
Equity | 23,163 | 33,518 |
Subscribed capital | 4,836 | 4,836 |
Capital reserves | 88,580 | 88,077 |
Accumulated deficit | (71,761) | (60,124) |
Accumulated other comprehensive income | 1,643 | 742 |
Equity attributable to the owners of the company | 23,298 | 33,531 |
Non controlling interest | (135) | (13) |
Total equity and liabilities | € 58,134 | € 62,565 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Revenues | € 4,908 | € 4,436 | € 12,708 | € 15,051 |
Cost of sales | (3,301) | (3,571) | (8,931) | (10,747) |
Gross profit | 1,607 | 865 | 3,777 | 4,304 |
Selling expenses | (1,295) | (1,687) | (4,136) | (5,125) |
Administrative expenses | (1,477) | (1,567) | (4,694) | (4,591) |
Research and development expenses | (1,482) | (1,888) | (4,737) | (5,295) |
Other operating expenses | (590) | (36) | (1,958) | (422) |
Other operating income | 223 | 787 | 1,258 | 1,468 |
Thereof income (expense) from changes in impairment allowance included in other operating income (expense) | 41 | (129) | 26 | 23 |
Operating loss | (3,014) | (3,526) | (10,490) | (9,661) |
Finance expense | (1,005) | (325) | (1,692) | (934) |
Finance income | 77 | 184 | 573 | 447 |
Financial result | (928) | (141) | (1,119) | (487) |
Loss before income taxes | (3,942) | (3,667) | (11,609) | (10,148) |
Income tax expense | (93) | (68) | (150) | (123) |
Net loss | (4,035) | (3,735) | (11,759) | (10,271) |
Other comprehensive income (loss) that may be reclassified subsequently to profit or loss | 89 | (209) | 901 | (193) |
Total comprehensive loss | (3,946) | (3,944) | (10,858) | (10,464) |
Loss attributable to: | ||||
Owners of the Company | (3,955) | (3,668) | (11,637) | (10,105) |
Non-controlling interests | (80) | (67) | (122) | (166) |
Net loss | (4,035) | (3,735) | (11,759) | (10,271) |
Total comprehensive loss attributable to: | ||||
Owners of the Company | (3,866) | (3,877) | (10,736) | (10,298) |
Non-controlling interests | (80) | (67) | (122) | (166) |
Total comprehensive loss | € (3,946) | € (3,944) | € (10,858) | € (10,464) |
Weighted average number of ordinary shares outstanding (in shares) | 4,836,000 | 4,836,000 | 4,836,000 | 4,836,000 |
Loss per share - basic/ diluted (in EUR per share) | € (0.82) | € (0.76) | € (2.41) | € (2.09) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands | Equity attributable to owners of parent | Subscribed capital | Capital reserves | Accumulated deficit | Accumulated other comprehensive gain (loss) | Non-controlling interests | Total |
Balance at the beginning at Dec. 31, 2018 | € 46,549 | € 4,836 | € 86,803 | € (46,410) | € 1,320 | € 35 | € 46,584 |
Loss for the period | (10,105) | (10,105) | (166) | (10,271) | |||
Foreign currency translations | (193) | (193) | (193) | ||||
Equity-settled share-based payment | 501 | 501 | 501 | ||||
Share-based payment transaction with the non-controlling shareholder of a subsidiary | 604 | 604 | 216 | 820 | |||
Balance at the end at Sep. 30, 2019 | 37,356 | 4,836 | 87,908 | (56,515) | 1,127 | 85 | 37,441 |
Balance at the beginning at Dec. 31, 2018 | 46,549 | 4,836 | 86,803 | (46,410) | 1,320 | 35 | 46,584 |
Loss for the period | (13,978) | ||||||
Balance at the end (Previously stated) at Dec. 31, 2019 | 33,531 | ||||||
Balance at the end at Dec. 31, 2019 | 4,836 | 88,077 | (60,124) | 742 | (13) | 33,518 | |
Loss for the period | Previously stated | (11,637) | ||||||
Loss for the period | (11,637) | (122) | (11,759) | ||||
Foreign currency translations | Previously stated | 901 | ||||||
Foreign currency translations | 901 | 901 | |||||
Equity-settled share-based payment | Previously stated | 503 | ||||||
Equity-settled share-based payment | 503 | 503 | |||||
Balance at the end (Previously stated) at Sep. 30, 2020 | € 23,298 | ||||||
Balance at the end at Sep. 30, 2020 | € 4,836 | € 88,580 | € (71,761) | € 1,643 | € (135) | € 23,163 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€) € in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flow from operating activities | ||
Loss for the period | € (11,759) | € (10,271) |
Depreciation and amortization | 2,657 | 3,200 |
Foreign currency exchange differences on loans to subsidiaries | 1,217 | (700) |
Changes in financial assets due to fair value valuation | 73 | (162) |
Share-based compensation expense | 503 | 501 |
Change in impairment of trade receivables | (26) | (23) |
Non-cash expense on financial liabilities | 1,027 | 653 |
Change in fair value of derivative equity forward | (92) | (132) |
Change in inventory allowance | (1) | (21) |
Interest paid | 199 | 254 |
Interest received | (86) | (86) |
Loss on disposal of fixed assets | 22 | 309 |
Other | 209 | 107 |
Change in working capital | 2 | 528 |
Trade and other receivables, inventories and current assets | (886) | 75 |
Trade payables | (642) | (687) |
Other liabilities, contract liabilities and provisions | 1,059 | 1,176 |
Change in restricted cash | 463 | |
Income tax payable/receivables | 8 | (36) |
Net cash used in operating activities | (6,055) | (5,843) |
Cash Flow from investing activities | ||
Payments to acquire property, plant and equipment and intangible assets | (182) | (1,133) |
Proceeds from disposal of financial assets | 4,962 | 7,973 |
Payments to acquire financial assets | (994) | (1,251) |
Interest received | 86 | 86 |
Others | 5 | |
Net cash from investing activities | 3,872 | 5,680 |
Cash Flow from financing activities | ||
Repayment of lease liabilities | (332) | (158) |
Repayment of long-term debt | (664) | (846) |
Proceeds from issuance of long-term debt | 5,000 | 500 |
Interest paid | (199) | (254) |
Net cash used in financing activities | 3,805 | (758) |
Net increase (decrease) in cash and cash equivalents | 1,622 | (921) |
Cash and cash equivalents at beginning of period | 4,368 | 7,402 |
Changes to cash and cash equivalents due to foreign exchanges rates | (15) | 92 |
Cash and cash equivalents at end of period | € 5,975 | € 6,573 |
Preparation of financial statem
Preparation of financial statements | 9 Months Ended |
Sep. 30, 2020 | |
Preparation of financial statements | |
Preparation of financial statements | 1. Preparation of financial statements Our condensed consolidated interim financial statements include the accounts of voxeljet AG and its wholly-owned subsidiaries voxeljet America Inc., voxeljet UK Ltd. and voxeljet India Pvt. Ltd., as well as voxeljet China Co. Ltd., which are collectively referred to herein as the ‘Group’ or the ‘Company’, which is listed on the NASDAQ Capital Market (“NASDAQ”) . As previously disclosed, on August 18, 2020, the Company announced that it would voluntarily transfer the listing of its American Depositary Shares (“ADSs”) from the New York Stock Exchange (the “NYSE”) to the NASDAQ, effective August 28, 2020, after market close. voxeljet’s ADSs began trading as a NASDAQ-listed security at market open on August 31, 2020, and have continued to be listed under the ticker symbol “VJET.” As previously disclosed, on July 31 , 2020, the Company announced that it would change the ratio of its American Depositary Shares (“ADSs”) to ordinary shares from each ADS representing one-fifth (1/5) of one ordinary share (5:1) to each ADS representing one ordinary share (1:1). For ADS holders, the ratio change had the same effect as a 1 for 5 reverse ADS split. The ratio change became effective on August 14, 2020 (the “Effective Date”). On the Effective Date, each ADS holder was required to exchange every five (5) ADSs then held for one (1) new ADS (e.g., if a holder of ADSs previously held 50 ADSs, following the ratio change on the Effective Date, such holder helds 10 ADSs). Citibank, N.A., as depositary bank, has arranged for the exchange of the current ADSs for the new ones. There was no change to voxeljet’s underlying ordinary shares. Our condensed consolidated interim financial statements were prepared in compliance with all applicable measurement and presentation rules contained in International Financial Reporting Standards (‘IFRS’) as set forth by the International Accounting Standards Board (‘IASB’) and Interpretations of the IFRS Interpretations Committee (‘IFRIC’). The designation IFRS also includes all valid International Accounting Standards (‘IAS’); and the designation IFRIC also includes all valid interpretations of the Standing Interpretations Committee (‘SIC’). Specifically, these financial statements were prepared in accordance with the disclosure requirements and the measurement principles for interim financial reporting purposes specified by IAS 34. Our condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto that are included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2019. The results of operations for the three months ended September 30, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. The IASB issued a number of new IFRS standards which are required to be adopted in annual periods beginning after January 1, 2020. Standard Effective date Descriptions Others 01/2020 Amendments References to the Conceptual Framework in IFRS Standards 3 IFRS 3 01/2020 Amendment Definition of a business IAS 1, IAS 8 01/2020 Amendment, Amendment Definition of material IFRS 9, IAS 39, IFRS 7 01/2020 Amendments to IFRS 9, IAS 39 and IFRS 7 - Interest rate benchmark reform IFRS 16 06/2020 COVID-19 related rent concessions amendment to IFRS 16 IFRS 17 01/2021 Insurance Contracts IAS 1 01/2022 Classifications of Liabilities as Current or Non-Current (Amendment to IAS 1) The adoption of standards effective 01/2020 did not have a material impact on the interim financial statements as of and for the three and nine months ended September 30, 2020. The Company has not yet conclusively determined what impact the new standards, amendments or interpretations effective 01/2021 or later will have on its financial statements, but does not expect they will have a significant impact. The interim financial statements as of and for the three and nine months ended September 30, 2020 and 2019 were authorized for issue by the Management Board on November 12, 2020. Going concern The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realization of assets and settlement of liabilities in the ordinary course of business. voxeljet has recognized continuous net losses during the nine months ended September 30, 2020, full year 2019, 2018 and 2017 amounting to kEUR 11,759, kEUR 13,978, kEUR 8,747 and kEUR 8,581, respectively. Additionally, voxeljet had negative cash flows from operating activities in the nine months ended September 30, 2020, full year 2019, 2018 and 2017 of kEUR 6,055, kEUR 6,819, kEUR 7,714 and kEUR 6,830, respectively, mainly due to continuous net losses. Due to the global outbreak of a new strain of coronavirus, we have experienced and expect to continue to experience lower demand in both, our Systems and Services segment. Our clients have postponed and may continue to postpone larger investments and therefore, the demand for 3D printers may also decrease. In addition, the COVID-19 situation could cause further delays in installation of 3D printers at customers’ facilities, which could lead to postponed revenue recognition for those transactions. In the third quarter of 2020, we experienced a slight recovery of demand compared to the prior two quarters in 2020, but we are still not on the level before the global economic crisis as a consequence of COVID-19. Both a decrease in revenues as well as potential delays in the installations increase the risk and likelihood of lower cash inflows. Such risks have been evaluated by management and consequently have been considered in our liquidity forecast, which assumes our business plan is executed appropriately and sales track as expected. We update our liquidity forecast on an ongoing basis. As we experience difficulty in generating sufficient cash flow to meet our obligations and sustain our operations, the COVID-19 situation raises material uncertainties that may cast substantial doubt about our ability to continue as a going concern. Further, material deviations from our forecasts could lead to a covenant breach in the future, which could result in an acceleration of our obligation to repay all amounts outstanding under those facilities. Despite the ongoing losses, reduced cash flow and cash facilities, and the other negative financial conditions, management assumes that voxeljet will continue as a going concern, as the Company has been successful in drawing down kEUR 5,000 of the second tranche of the loan granted by the EIB under the Finance Contract in June 2020. This improved our liquidity significantly. Also, the financial covenants under the Finance Contract have been renegotiated to replace the Total Net Financial Debt to EBITDA ratio with a minimum cash/cash equivalents requirement. In addition, the restructuring of the voxeljet UK entity, which included consolidating 3D printing to serve all customers in Europe from the German service center has been finished. This helps to reduce overall costs and will lead to improved gross profit margins by realizing economies of scale in the German service center. Further, management initiated a restructuring program at the German entity during the fourth quarter of 2019. This program included the reduction of headcount mainly in the Systems segment in order to streamline the Company’s operations and optimize efficiency. This restructuring was successfully completed at the end of June 2020 and will provide further cost reductions. Management is also taking steps to raise further funds which may include debt or equity financing. There can be no assurance that we will be able to raise further funds on terms favorable to us, if at all. Based on our current liquidity and capital resources in combination with our current liquidity forecasts, as well as the implemented cost reduction program, management believes that the Company has the ability to meet its financial obligations for at least the next 12 months and therefore continues as a going concern. However, the matters described above give rise to material uncertainties that may cast substantial doubt about the Company’s ability to continue as a going concern. Impairment test Non-financial assets are tested for impairment if there are indicators that the carrying amounts may not be recoverable. The Company considers the COVID-19 situation as such an indicator. Therefore, voxeljet performed an impairment test for the non‑financial assets for the end of the reporting period. An impairment loss is recognized in the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is defined as the higher of an asset’s fair value less cost to sell and its value in use. As individual assets do not generate largely independent cash flows, impairment testing is performed at the cash generating unit level. An individual fixed asset within a CGU cannot be written down below fair value less cost incurred to sell the individual asset. The impairment test, which we performed, did not lead to any write downs. Amendment and recalculation a) Amendment of classification of short-term investments In the first quarter of 2020, we amended our classification of short-term investments included in current financial assets. Before the amendment, those short-term investments have been classified in the category at fair value through OCI (FVOCI). The new classification shall be the category at fair value through profit and loss (FVTPL). Accordingly, prior periods have been revised, which leads to movements between profit and loss and other comprehensive income as the changes in fair value are now presented within finance income or expense. b) Recalculation of performance participation interest related to the Finance Contract with the EIB In the first quarter of 2020, we recalculated the performance participation interest related to the Finance Contract with the EIB, due to a mistake in the calculation logic. Accordingly, prior periods have been revised, which leads to adjustments in non current financial assets, deferred tax liabilities as well as equity. c) Impacts of amendment and recalculation Due to the amendments and recalculations, which are described above, the opening balance as of January 1, 2019 of non current financial assets as well as deferred tax liabilities have increased by kEUR 151 and kEUR 43 respectively. The opening balance as of January 1, 2019 of accumulated deficit increased by kEUR 10, whereas the opening balance of accumulated other comprehensive gain increased by kEUR 119. As a result, the loss for the nine months ended September 2019 decreased by kEUR 346. As of September 30, 2019, non current financial assets as well as deferred tax liabilities have increased by kEUR 370 and kEUR 104, respectively. For the period ending September 30, 2019 the balance of accumulated deficit decreased by kEUR 336, whereas the balance of accumulated other comprehensive gain decreased by kEUR 69. As a result, the loss for the three months ended September 2019 was decreased by kEUR 178 whereas net changes in fair value of debt investments at FVOCI was reduced by kEUR 48. For the nine month ended September 2019 the loss was reduced by kEUR 346 whereas net changes in fair value of debt investments at FVOCI was reduced by kEUR 188. As of December 31, 2019, non current financial assets as well as deferred tax liabilities have increased by kEUR 260 and kEUR 73, respectively. As of December 31, 2019 the balance of accumulated deficit decreased by kEUR 243 whereas the balance of accumulated other comprehensive gain was reduced by kEUR 56. The Company has evaluated the effect of these amendments, both qualitatively and quantitatively, and concluded that the change did not have a material impact on, nor require amendment of, any previously filed financial statements. Affected financial statement line items for prior periods are appended with a footnote. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2020 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these interim financial statements are set out in the Company’s financial statements as of December 31, 2019, which can be found in its Annual Report on Form 20-F that was filed with the U.S. Securities and Exchange Commission. These policies have been applied to all financial periods presented. Government grants Government grants in connection with government assistance to help businesses to mitigate adverse impacts from the COVID-19 global pandemic are recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate, provided that the entity complies with the conditions for the funding. Short-term investments In the first quarter of 2020, we amended our classification of short-term investments included in current financial assets. Before the amendment, those short-term investments have been classified in the category at fair value through OCI (FVOCI). For further information, see Note 1. |
Share based payment arrangement
Share based payment arrangements | 9 Months Ended |
Sep. 30, 2020 | |
Share based payment arrangements | |
Share based payment arrangements | 3. Share based payment arrangements On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company. Total options available under the share option plan are 372,000. On April 7, 2017 279,000 options (75%, Tranche 1) were granted. On April 12, 2018 93,000 options (25%, Tranche 2) were granted. The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) which both conditions must be met. The fair value of the employee share option plan has been measured for Tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date. The inputs used in the measurement of the fair value at grant date are as follows: Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 The respective expected volatility has been based on an evaluation of the historical volatility of the Company’s share price as at the grant date. As at September 30, 2020 no options are exercisable and 353,400 options are outstanding. The weighted-average contractual life of the options at September 30, 2020 amounts to 6.8 years (September 30, 2019: 7.8 years). The expenses recognized in the profit and loss statement in relation to the share-based payment arrangements amounted to kEUR 169 in the three months and kEUR 501 in the nine months ended September 30, 2020. (Three months and nine months ended September 30, 2019: kEUR 169 and kEUR 501, respectively). |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventories | |
Inventories | 4. Inventories 9/30/2020 12/31/2019 (€ in thousands) Raw materials and merchandise 3,947 4,109 Work in progress 10,052 8,350 Total 13,999 12,459 |
Property, plant and equipment,
Property, plant and equipment, net | 9 Months Ended |
Sep. 30, 2020 | |
Property, plant and equipment, net | |
Property, plant and equipment, net | 5. Property, plant and equipment, net 9/30/2020 12/31/2019 (€ in thousands) Land, buildings and leasehold improvements 19,081 20,045 Plant and machinery 4,516 5,779 Other facilities, factory and office equipment 1,264 1,459 Assets under construction and prepayments made 58 60 Total 24,919 27,343 Thereof pledged assets of Property, Plant and Equipment 13,362 6,618 In March 2020, voxeljet registered a first rank land charge amounting to kEUR 10,000 on its land and facility located in Friedberg, Germany as collateral in favor of the European Investment Bank (“EIB”) related to the loan, entered into with the EIB under the Finance Contract, dated November 9, 2017. |
Other liabilities and provision
Other liabilities and provisions | 9 Months Ended |
Sep. 30, 2020 | |
Other liabilities and provisions | |
Other liabilities and provisions | 6. Other liabilities and provisions 9/30/2020 12/31/2019 (€ in thousands) Liabilities from payroll 279 301 Accruals for vacation and overtime 228 190 Employee bonus 211 397 Accruals for compensation of Supervisory board 135 180 Accrual for warranty 73 241 Accruals for licenses 48 62 Accruals for education and training 47 — Accruals for commissions 37 38 Liabilities from VAT 30 32 Accruals for wage continuation 26 — Accruals for employer's liability insurance coverage 15 16 Customers with a credit balance 13 8 Accrual for restructuring 2 604 Security deposit — 178 Others 56 82 Total 1,200 2,329 |
Financial instruments
Financial instruments | 9 Months Ended |
Sep. 30, 2020 | |
Financial instruments | |
Financial instruments | 7. Financial instruments The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. In addition, for the current year the fair value disclosure of lease liabilities is not required. Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 9/30/2020 cost cost amount Level 1 Level 2 Level 3 Total Current assets Cash and cash equivalents -- -- 5,975 -- 5,975 -- -- -- -- Financial assets 2,922 -- — -- 2,922 2,922 -- -- 2,922 Bond funds 922 -- -- -- 922 922 -- -- 922 Bond funds (restricted) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Trade receivables, net -- -- 4,630 -- 4,630 -- -- -- -- Non-current assets Financial assets 2,760 5 -- -- 2,765 -- 2,760 5 2,765 Derivative financial instruments 2,760 -- -- -- 2,760 -- 2,760 -- 2,760 Equity securities -- 5 -- -- 5 -- -- 5 5 Current liabilities Trade payables -- -- -- 2,095 2,095 -- -- -- -- Financial liabilities -- -- -- 700 1,021 -- -- 1,151 1,151 Long-term debt -- -- -- 700 700 -- -- 1,151 1,151 Lease liability -- -- -- na 321 -- -- -- -- Non-current liabilities Financial liabilities 394 -- -- 22,175 25,542 -- 394 24,730 25,124 Derivative financial instruments 394 -- -- -- 394 -- 394 -- 394 Long-term debt -- -- -- 22,175 22,175 -- -- 24,730 24,730 Lease liability -- -- -- na 2,973 -- -- -- -- Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2019 cost cost amount Level 1 Level 2 Level 3 Total Current assets Cash and cash equivalents -- -- 4,368 -- 4,368 -- -- -- -- Financial assets 6,945 -- 463 -- 7,408 6,945 -- -- 6,945 Bond funds (1) 3,667 -- -- -- 3,667 3,667 -- -- 3,667 Bond funds (restricted) (1) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Note receivable (1) 1,278 -- -- -- 1,278 1,278 -- -- 1,278 Restricted Cash -- -- 463 -- 463 -- -- -- -- Trade receivables, net -- -- 5,915 -- 5,915 -- -- -- -- Non-current assets Financial assets 2,274 -- -- -- 2,279 -- 2,014 5 2,019 Derivative financial instruments (2) 2,274 -- -- -- 2,274 -- 2,014 -- 2,014 Equity securities -- 5 -- -- 5 -- -- 5 5 Current liabilities Trade payables -- -- -- 2,797 2,797 -- -- -- -- Financial liabilities -- -- -- 10,864 11,290 -- -- 10,858 10,858 Long-term debt (2) (3) -- -- -- 10,864 10,864 -- -- 10,858 10,858 Lease liability -- -- -- na 426 -- -- -- -- Non-current liabilities Financial liabilities -- -- -- 6,682 9,866 -- -- 6,148 6,148 Long-term debt (2) (3) -- -- -- 6,682 6,682 -- -- 6,148 6,148 Lease liability -- -- -- na 3,184 -- -- -- -- (1 ) Comparative figures for the year ended December 31, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the year ended December 31, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements. (3) Previously presented under level 2. The valuation techniques used to value financial instruments include the use of quoted market prices or dealer quotes for similar instruments as well as discounted cash flow analysis. The fair value of the Company’s investments in the bond funds and note receivable was determined based on the quoted unit prices received by the fund management company. The fair value of the derivative financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. The fair values have been determined based on share prices and the discount rates used were adjusted for counterparty or own credit risk. The fair value of long-term debt was determined using discounted cash flow models based on the relevant forward interest rate yield curves, considering the credit risk of voxeljet. Due to their short maturity and the current low level of interest rates, the carrying amounts of cash and cash equivalents, restricted cash, trade receivables, trade payables, credit lines and bank overdrafts approximate fair value. The group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. In September 2020, there were no transfers of financial instruments measured at fair value between level 1 and level 2. |
Financial result
Financial result | 9 Months Ended |
Sep. 30, 2020 | |
Financial result | |
Financial result | 8. Financial result Three months ended September 30, 2020 2019 (€ in thousands) Interest expense (1,005) (325) Interest expense on lease liability (36) (50) Long-term debt (486) (254) Expense from revaluation of derivative financial instruments (481) -- Other (2) (21) Interest income 77 184 Payout of bond funds 29 44 Income from revaluation of derivative financial instruments (2) -- 74 Fair value valuation of financial assets (1) 47 63 Other 1 3 Financial result (928) (141) Nine months ended September 30, 2020 2019 (€ in thousands) Interest expense (1,692) (934) Interest expense on lease liability (127) (145) Long-term debt (2) (1,094) (745) Expense from revaluation of derivative financial instruments (394) -- Fair value valuation of financial assets (1) (73) -- Other (4) (44) Interest income 573 447 Payout of bond funds 74 115 Income from revaluation of derivative financial instruments (2) 486 133 Fair value valuation of financial assets (1) -- 188 Other 13 11 Financial result (1,119) (487) (1) Comparative figures for the three and nine months ended September 30, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the three and nine months ended September 30, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements. |
Segment reporting
Segment reporting | 9 Months Ended |
Sep. 30, 2020 | |
Segment reporting | |
Segment reporting | 9. Segment reporting The following table summarizes segment reporting. The sum of the amounts of the two segments equals the total for the Group in each of the periods. Three months ended September 30, 2020 2019 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 2,836 2,222 (150) 4,908 1,966 2,800 (330) 4,436 third party 2,686 2,222 4,908 1,636 2,800 -- 4,436 intra-segment 150 -- (150) — 330 -- (330) — Cost of sales (1,626) (1,675) (3,301) (1,279) (2,292) (3,571) Gross profit 1,060 547 1,607 357 508 865 Gross profit in % Operating Expenses (4,254) (5,142) Other operating expenses (590) (36) Other operating income 223 787 Operating loss (3,014) (3,526) Finance expense (1) (2) (1,005) (325) Finance income (1) (2) 77 184 Financial result (928) (141) Loss before income taxes (3,942) (3,667) Income tax income (expense) (2) (93) (68) Net loss (4,035) (3,735) Nine months ended September 30, 2020 2019 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 6,437 6,846 (575) 12,708 6,777 8,871 (597) 15,051 third party 5,862 6,846 -- 12,708 6,180 8,871 -- 15,051 intra-segment 575 -- (575) — 597 -- (597) — Cost of sales (3,822) (5,109) (8,931) (4,463) (6,284) (10,747) Gross profit 2,040 1,737 3,777 1,717 2,587 4,304 Gross profit in % Operating Expenses (13,567) (15,011) Other operating expenses (1,958) (422) Other operating income 1,258 1,468 Operating loss (10,490) (9,661) Finance expense (1) (2) (1,692) (934) Finance income (1) (2) 573 447 Financial result (1,119) (487) Loss before income taxes (11,609) (10,148) Income tax income (expense) (2) (150) (123) Net loss (11,759) (10,271) (1) Comparative figures for the three and nine months ended September 30, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the three and nine months ended September 30, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2020 | |
Revenues | |
Revenues | 10. Revenues Three months ended September 30, 2020 2019 2020 2019 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA Asia Pacific Americas Timing of revenue recognition Products transferred at a point in time Products and services transferred over time -- -- Revenue from contracts with customers Nine months ended September 30, 2020 2019 2020 2019 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA Asia Pacific Americas Timing of revenue recognition Products transferred at a point in time Products and services transferred over time -- -- Revenue from contracts with customers Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (€ in thousands) EMEA Germany France Switzerland Great Britain Others Asia Pacific China South Korea Others Americas United States Others Total |
Commitments, contingent assets
Commitments, contingent assets and liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Commitments, contingent assets and liabilities | |
Commitments, contingent assets and liabilities | 11. Commitments, contingent assets and liabilities In March 2018, ExOne GmbH, a subsidiary of ExOne, notified voxeljet of its intent not to pay its annual license fees under an existing intellectual property-related agreement and asserted its rights to claim damages pursuant to an alleged material breach of the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. In connection with the enforcement of voxeljet’s intellectual property rights, the acquisition of third‑party intellectual property rights, or disputes related to the validity or alleged infringement of the Company’s or a third‑party’s intellectual property rights, including patent rights, voxeljet has been and may in the future be subject or party to claims, negotiations or complex, protracted litigation. |
Related party transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related party transactions | |
Related party transactions | 12. Related party transactions Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003 - Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999 - Current Andreas Schmid Logistik AG, Gersthofen Supplier 05/01/2017 - Current Suzhou Meimai Fast Manufacturing Technology Co., Ltd, Suzhou Minority shareholder of voxeljet China, Customer 04/11/2016 - Current DSCS Digital Supply Chain Solutions GmbH, Gersthofen Customer 05/11/2017 - Current Michele Neuber Employee 07/01/2019 - Current Transactions with Franz Industriebeteiligungen AG comprise the rental of office space in Augsburg, Germany. Rental expenses amounted to kEUR 2, in each, the nine months ended September 30, 2020 as well as the nine months ended September 30, 2019. Furthermore, voxeljet acquired goods amounting to kEUR 0 and kEUR 0 in the nine months ended September 30, 2020 and 2019, respectively from ‘Schlosserei und Metallbau Ederer’, which is owned by the brother of Dr. Ingo Ederer, the Chief Executive Officer of voxeljet. In addition, voxeljet received logistics services amounting to kEUR 25 and kEUR 43 in the nine months ended September 30, 2020 and 2019, respectively from ‘Andreas Schmid Logistik’, where the member of our supervisory board Dr. Stefan Söhn serves as the Chief Financial Officer. Moreover, voxeljet received orders amounting to kEUR 19 and kEUR 136 in the nine months ended September 30, 2020 and 2019, respectively from ‘Suzhou Meimai Fast Manufacturing Technology Co., Ltd., which is our minority shareholder for voxeljet China. Further, voxeljet received orders amounting to kEUR 0 and kEUR 11 in the in the nine months ended September 30, 2020 and 2019, respectively from ‘DSCS Digital Supply Chain Solutions GmbH’, which is an associated company where we own 33.3%. In addition, voxeljet employed Michele Neuber as an intern, the son of Volker Neuber, who is member of our supervisory board since July 2020. He received a salary of kEUR 1 and kEUR 1 in the nine months ended September 30, 2020 and 2019, respectively. All related party transactions, voxeljet entered into, were made on an arm’s length basis. |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent events | |
Subsequent events | 13. Subsequent events By resolution of its supervisory board dated November 12, 2020, the current members of the Company’s management board, Dr. Ingo Ederer and Rudolf Franz, were reappointed as members of the management board for a new three year term from July 1, 2021 until June 30, 2024. Dr. Ingo Ederer and Rudolf Franz have each accepted such new appointment. Following the reappointment of Dr. Ingo Ederer and Rudolf Franz as members of the management board, each of Dr. Ingo Ederer and Rudolf Franz entered into a new three year service agreement effective as of July 1, 2021. The current service agreements will expire at the end of their current term of office on June 30, 2021. The main terms of the service agreements are summarized below. The terms of the service agreements of Dr. Ingo Ederer and Rudolf Franz are identical with only a few deviating provisions regarding the company car and social security payments. Each service agreement can be terminated prior to June 30, 2024 only, (i) by the member of the management board exercising a special termination right ( Sonderkündigungsrecht ) in case of a change of control of voxeljet (as defined in the service agreement), if and to the extend such change of control leads to a material change of the position of the member of the management board, if (ii) the member of the management board is terminated by the Company for cause or if (iii) the member of the management board terminates the service agreement for cause. If a member of the management board terminates the service agreement exercising the special termination right ( Sonderkündigungsrecht ) in case of a change of control, the member of the management board is entitled to a compensation payment. Such compensation payment consists of the sum of 50% of the total remuneration payable to the member of the management board over the outstanding full term of the service agreement (fixed plus variable remuneration assuming the full achievement of all bonus targets) and a lump sum payment amounting to two annual fixed salaries. The compensation payment is capped at the amount of EUR 1,425,000. Under German law, a contract can be terminated for cause only in exceptional circumstances (i.e., if the continuation of the contractual relationship is unacceptable for the terminating party). Termination for cause generally requires that a party repeatedly and severely breaches its contractual duties. To the extent the employment terminates during a business year, the member of the management board is entitled to a pro rata portion of the bonus that reflects the percentage of the year that the member of the management board worked for the Company. Furthermore, each service agreement contains a covenant pursuant to which each member of the management board has agreed not to compete with the Company for a period of two years after the termination of the service agreement. Under German law, a non-compete covenant is only valid if the employee is compensated during the term of the non-compete obligation. As compensation for the non-compete covenant, each member of the management board will receive 100% of his fixed salary (but in no event less than 50% of the total compensation received in the preceding year) for the entire two year term of the non-compete covenant. If the service agreement of a member of the management board is terminated for cause, the Company is not obligated to pay the compensation for the non-compete covenant, so long as the Company provides the member of the management board with a written statement disclaiming the Company’s obligation to pay this compensation within one month after the termination. The new service agreements provide for an annual fixed compensation (base salary), an annual performance award (annual bonus) with a target of up to 30% of the yearly base salary, as well as a long-term performance award for a three-business-year period (long-term bonus) with a target of up to 100% of the yearly base salary. The performance targets of the annual and long-term bonuses are a mixture of certain financial and non-financial targets, such as revenue, profitability and liquidity targets as well as personal goals. In addition to the fixed and variable remuneration components, each member of the management board is entitled to additional benefits (including company car arrangements, mobile phone, accident and director and officer liability insurance) and reimbursement of necessary and reasonable expenses. In addition, the supervisory board can grant stock options to the members of the management board on the basis of a stock option plan. Based on the aforementioned fixed and variable bonus payments and the perquisites related to company car, each of Dr. Ederer and Mr. Franz would be entitled to a maximum compensation of up to EUR 491,400 per year of the agreement. The foregoing description of the service agreements is qualified in its entirety by reference to the full text of e ach of Dr. Ingo Ederer’s and Rudolf Franz’s service agreement, copies of which are attached hereto as Exhibit 10.1 and 10.2 , respectively, and incorporated herein by reference. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of significant accounting policies | |
Government grants | Government grants Government grants in connection with government assistance to help businesses to mitigate adverse impacts from the COVID-19 global pandemic are recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate, provided that the entity complies with the conditions for the funding. |
Short-term investments | Short-term investments In the first quarter of 2020, we amended our classification of short-term investments included in current financial assets. Before the amendment, those short-term investments have been classified in the category at fair value through OCI (FVOCI). For further information, see Note 1. |
Share based payment arrangeme_2
Share based payment arrangements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share based payment arrangements | |
Schedule of fair value inputs | Tranche 1 Tranche 2 Parameter Share price at grant date USD 13.80 USD 16.15 Exercise price USD 13.90 USD 16.15 Expected volatility 55.00% 58.40% Expected dividends -- -- Risk-free interest rate 2.49% 2.85% Fair value at grant date USD 8.00 USD 9.74 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventories | |
Inventories by category | 9/30/2020 12/31/2019 (€ in thousands) Raw materials and merchandise 3,947 4,109 Work in progress 10,052 8,350 Total 13,999 12,459 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, plant and equipment, net | |
Schedule of property, plant and equipment | 9/30/2020 12/31/2019 (€ in thousands) Land, buildings and leasehold improvements 19,081 20,045 Plant and machinery 4,516 5,779 Other facilities, factory and office equipment 1,264 1,459 Assets under construction and prepayments made 58 60 Total 24,919 27,343 Thereof pledged assets of Property, Plant and Equipment 13,362 6,618 |
Other liabilities and provisi_2
Other liabilities and provisions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other liabilities and provisions | |
Summary of other liabilities and provisions | 9/30/2020 12/31/2019 (€ in thousands) Liabilities from payroll 279 301 Accruals for vacation and overtime 228 190 Employee bonus 211 397 Accruals for compensation of Supervisory board 135 180 Accrual for warranty 73 241 Accruals for licenses 48 62 Accruals for education and training 47 — Accruals for commissions 37 38 Liabilities from VAT 30 32 Accruals for wage continuation 26 — Accruals for employer's liability insurance coverage 15 16 Customers with a credit balance 13 8 Accrual for restructuring 2 604 Security deposit — 178 Others 56 82 Total 1,200 2,329 |
Financial instruments (Tables)
Financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Financial instruments | |
Summary of carrying amounts and fair values of financial assets and financial liabilities | Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 9/30/2020 cost cost amount Level 1 Level 2 Level 3 Total Current assets Cash and cash equivalents -- -- 5,975 -- 5,975 -- -- -- -- Financial assets 2,922 -- — -- 2,922 2,922 -- -- 2,922 Bond funds 922 -- -- -- 922 922 -- -- 922 Bond funds (restricted) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Trade receivables, net -- -- 4,630 -- 4,630 -- -- -- -- Non-current assets Financial assets 2,760 5 -- -- 2,765 -- 2,760 5 2,765 Derivative financial instruments 2,760 -- -- -- 2,760 -- 2,760 -- 2,760 Equity securities -- 5 -- -- 5 -- -- 5 5 Current liabilities Trade payables -- -- -- 2,095 2,095 -- -- -- -- Financial liabilities -- -- -- 700 1,021 -- -- 1,151 1,151 Long-term debt -- -- -- 700 700 -- -- 1,151 1,151 Lease liability -- -- -- na 321 -- -- -- -- Non-current liabilities Financial liabilities 394 -- -- 22,175 25,542 -- 394 24,730 25,124 Derivative financial instruments 394 -- -- -- 394 -- 394 -- 394 Long-term debt -- -- -- 22,175 22,175 -- -- 24,730 24,730 Lease liability -- -- -- na 2,973 -- -- -- -- Carrying amount Fair Value Assets at Liabilities Total FVTPL FVOCI amortized at amortized carrying 12/31/2019 cost cost amount Level 1 Level 2 Level 3 Total Current assets Cash and cash equivalents -- -- 4,368 -- 4,368 -- -- -- -- Financial assets 6,945 -- 463 -- 7,408 6,945 -- -- 6,945 Bond funds (1) 3,667 -- -- -- 3,667 3,667 -- -- 3,667 Bond funds (restricted) (1) 2,000 -- -- -- 2,000 2,000 -- -- 2,000 Note receivable (1) 1,278 -- -- -- 1,278 1,278 -- -- 1,278 Restricted Cash -- -- 463 -- 463 -- -- -- -- Trade receivables, net -- -- 5,915 -- 5,915 -- -- -- -- Non-current assets Financial assets 2,274 -- -- -- 2,279 -- 2,014 5 2,019 Derivative financial instruments (2) 2,274 -- -- -- 2,274 -- 2,014 -- 2,014 Equity securities -- 5 -- -- 5 -- -- 5 5 Current liabilities Trade payables -- -- -- 2,797 2,797 -- -- -- -- Financial liabilities -- -- -- 10,864 11,290 -- -- 10,858 10,858 Long-term debt (2) (3) -- -- -- 10,864 10,864 -- -- 10,858 10,858 Lease liability -- -- -- na 426 -- -- -- -- Non-current liabilities Financial liabilities -- -- -- 6,682 9,866 -- -- 6,148 6,148 Long-term debt (2) (3) -- -- -- 6,682 6,682 -- -- 6,148 6,148 Lease liability -- -- -- na 3,184 -- -- -- -- (1 ) Comparative figures for the year ended December 31, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the year ended December 31, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements. (3) Previously presented under level 2 |
Financial result (Tables)
Financial result (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Financial result | |
Schedule of financial result | Three months ended September 30, 2020 2019 (€ in thousands) Interest expense (1,005) (325) Interest expense on lease liability (36) (50) Long-term debt (486) (254) Expense from revaluation of derivative financial instruments (481) -- Other (2) (21) Interest income 77 184 Payout of bond funds 29 44 Income from revaluation of derivative financial instruments (2) -- 74 Fair value valuation of financial assets (1) 47 63 Other 1 3 Financial result (928) (141) Nine months ended September 30, 2020 2019 (€ in thousands) Interest expense (1,692) (934) Interest expense on lease liability (127) (145) Long-term debt (2) (1,094) (745) Expense from revaluation of derivative financial instruments (394) -- Fair value valuation of financial assets (1) (73) -- Other (4) (44) Interest income 573 447 Payout of bond funds 74 115 Income from revaluation of derivative financial instruments (2) 486 133 Fair value valuation of financial assets (1) -- 188 Other 13 11 Financial result (1,119) (487) (1) Comparative figures for the three and nine months ended September 30, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the three and nine months ended September 30, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment reporting | |
Schedule of segment reporting | Three months ended September 30, 2020 2019 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 2,836 2,222 (150) 4,908 1,966 2,800 (330) 4,436 third party 2,686 2,222 4,908 1,636 2,800 -- 4,436 intra-segment 150 -- (150) — 330 -- (330) — Cost of sales (1,626) (1,675) (3,301) (1,279) (2,292) (3,571) Gross profit 1,060 547 1,607 357 508 865 Gross profit in % Operating Expenses (4,254) (5,142) Other operating expenses (590) (36) Other operating income 223 787 Operating loss (3,014) (3,526) Finance expense (1) (2) (1,005) (325) Finance income (1) (2) 77 184 Financial result (928) (141) Loss before income taxes (3,942) (3,667) Income tax income (expense) (2) (93) (68) Net loss (4,035) (3,735) Nine months ended September 30, 2020 2019 (€ in thousands) CONSO CONSO SYSTEMS SERVICES LIDATION GROUP SYSTEMS SERVICES LIDATION GROUP Revenues 6,437 6,846 (575) 12,708 6,777 8,871 (597) 15,051 third party 5,862 6,846 -- 12,708 6,180 8,871 -- 15,051 intra-segment 575 -- (575) — 597 -- (597) — Cost of sales (3,822) (5,109) (8,931) (4,463) (6,284) (10,747) Gross profit 2,040 1,737 3,777 1,717 2,587 4,304 Gross profit in % Operating Expenses (13,567) (15,011) Other operating expenses (1,958) (422) Other operating income 1,258 1,468 Operating loss (10,490) (9,661) Finance expense (1) (2) (1,692) (934) Finance income (1) (2) 573 447 Financial result (1,119) (487) Loss before income taxes (11,609) (10,148) Income tax income (expense) (2) (150) (123) Net loss (11,759) (10,271) (1) Comparative figures for the three and nine months ended September 30, 2019 were revised related to the amendment of classification of short-term investments. For further information, see Note 1 of the interim consolidated financial statements. (2) Comparative figures for the three and nine months ended September 30, 2019 were revised related to the recalculation of the performance participation interest related to the Finance Contract with the EIB. For further information, see Note 1 of the interim consolidated financial statements. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenues | |
Disclosure of information about revenue recognition | Three months ended September 30, 2020 2019 2020 2019 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA Asia Pacific Americas Timing of revenue recognition Products transferred at a point in time Products and services transferred over time -- -- Revenue from contracts with customers Nine months ended September 30, 2020 2019 2020 2019 SYSTEMS SERVICES (€ in thousands) Primary geographical markets EMEA Asia Pacific Americas Timing of revenue recognition Products transferred at a point in time Products and services transferred over time -- -- Revenue from contracts with customers |
Schedule of revenues by geographic region | Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (€ in thousands) EMEA Germany France Switzerland Great Britain Others Asia Pacific China South Korea Others Americas United States Others Total |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related party transactions | |
Other Related Parties | Name Nature of relationship Duration of relationship Franz Industriebeteiligungen AG, Augsburg Lessor 10/01/2003 - Current Schlosserei und Metallbau Ederer, Dießen Supplier 05/01/1999 - Current Andreas Schmid Logistik AG, Gersthofen Supplier 05/01/2017 - Current Suzhou Meimai Fast Manufacturing Technology Co., Ltd, Suzhou Minority shareholder of voxeljet China, Customer 04/11/2016 - Current DSCS Digital Supply Chain Solutions GmbH, Gersthofen Customer 05/11/2017 - Current Michele Neuber Employee 07/01/2019 - Current |
Preparation of financial stat_2
Preparation of financial statements (Details) € in Thousands | Jul. 31, 2020 | Sep. 30, 2020EUR (€) | Sep. 30, 2019EUR (€) | Sep. 30, 2020EUR (€) | Sep. 30, 2019EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Jun. 30, 2020EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||||
Net loss | € (4,035) | € (3,735) | € (11,759) | € (10,271) | € (13,978) | € (8,747) | € (8,581) | ||
Negative cash flows from operating activities | € (6,055) | € (5,843) | € (6,819) | € (7,714) | € (6,830) | ||||
Share transaction | American Depositary Shares | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Reverse stock split ratio | 0.2 | ||||||||
EIB-Tranche two | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Indebtedness | € 5,000 |
Preparation of financial stat_3
Preparation of financial statements - Adjustments (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Initial application | ||||||||
Financial assets | € 2,765 | € 2,765 | € 2,279 | |||||
Deferred tax liabilities | 331 | 331 | 142 | |||||
Accumulated deficit | (71,761) | (71,761) | (60,124) | |||||
Accumulated other comprehensive income | 1,643 | 1,643 | 742 | |||||
Net loss | € (4,035) | € (3,735) | € (11,759) | € (10,271) | (13,978) | € (8,747) | € (8,581) | |
Impacts of amendment and recalculation | ||||||||
Initial application | ||||||||
Financial assets | 370 | 370 | 260 | € 151 | ||||
Deferred tax liabilities | 104 | 104 | 73 | 43 | ||||
Accumulated deficit | 336 | 336 | 243 | (10) | ||||
Accumulated other comprehensive income | (69) | (69) | € (56) | € 119 | ||||
Net loss | 178 | 346 | ||||||
Debt investment at FVOCI - net change in fair value | € (48) | € (188) |
Share based payment arrangeme_3
Share based payment arrangements - Narrative (Details) € in Thousands | Apr. 12, 2018EquityInstruments | Apr. 07, 2017EquityInstrumentsshares | Sep. 30, 2020EUR (€)EquityInstruments | Sep. 30, 2019EUR (€) | Sep. 30, 2020EUR (€)EquityInstruments | Sep. 30, 2019EUR (€) |
Share based payment arrangements | ||||||
Number of shares authorized | shares | 372,000 | |||||
Options granted (in shares) | 93,000 | 279,000 | ||||
Options granted (in percent) | 25.00% | 75.00% | ||||
Vesting period | 4 years | |||||
Number of consecutive days option may be exercised | 90 days | |||||
Share price exceeds the exercise price (as a percent) | 20.00% | |||||
Options exercisable (in shares) | 0 | 0 | ||||
Options outstanding | 353,400 | 353,400 | ||||
Weighted-average contractual life | 6 years 9 months 18 days | 7 years 9 months 18 days | ||||
Expenses recognized in profit and loss | € | € 169 | € 169 | € 501 | € 501 |
Share based payment arrangeme_4
Share based payment arrangements - Measurement inputs (Details) - USD ($) | Apr. 12, 2018 | Apr. 07, 2017 |
Share based payment arrangements | ||
Share price at grant date (in dollars per share) | $ 16.15 | $ 13.80 |
Exercise price (in dollars per share) | $ 16.15 | $ 13.90 |
Expected volatility (as a percent) | 58.40% | 55.00% |
Risk-free interest rate (as a percent) | 2.85% | 2.49% |
Fair value at grant date (in dollars per share) | $ 9.74 | $ 8 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventories | ||
Raw materials and merchandise | € 3,947 | € 4,109 |
Work in progress | 10,052 | 8,350 |
Total | € 13,999 | € 12,459 |
Property, plant and equipment_3
Property, plant and equipment, net (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment | |||
Property, plant and equipment | € 24,919 | € 27,343 | |
Thereof pledged assets of Property, Plant and Equipment | 13,362 | 6,618 | |
European Investment Bank | |||
Property, plant and equipment | |||
Thereof pledged assets of Property, Plant and Equipment | € 10,000 | ||
Property | Leased assets | |||
Property, plant and equipment | |||
Property, plant and equipment | 19,081 | 20,045 | |
Machinery | |||
Property, plant and equipment | |||
Property, plant and equipment | 4,516 | 5,779 | |
Other PPE | |||
Property, plant and equipment | |||
Property, plant and equipment | 1,264 | 1,459 | |
Assets under construction and prepayments made | |||
Property, plant and equipment | |||
Property, plant and equipment | € 58 | € 60 |
Other liabilities and provisi_3
Other liabilities and provisions (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other liabilities and provisions | ||
Liabilities from payroll | € 279 | € 301 |
Accruals for vacation and overtime | 228 | 190 |
Employee bonus | 211 | 397 |
Accruals for compensation of Supervisory board | 135 | 180 |
Accrual for warranty | 73 | 241 |
Accruals for licenses | 48 | 62 |
Accruals for education and training | 47 | |
Accruals for commissions | 37 | 38 |
Liabilities from VAT | 30 | 32 |
Accruals for wage continuation | 26 | |
Accruals for employer's liability insurance coverage | 15 | 16 |
Customers with a credit balance | 13 | 8 |
Accrual for restructuring | 2 | 604 |
Security deposit | 178 | |
Others | 56 | 82 |
Total | € 1,200 | € 2,329 |
Financial instruments (Details)
Financial instruments (Details) - EUR (€) € in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current trade payables | ||
Financial instruments | ||
Financial liabilities | € 2,095 | € 2,797 |
Current financial liabilities | ||
Financial instruments | ||
Financial liabilities | 1,021 | 11,290 |
Financial liabilities, at fair value | 1,151 | 10,858 |
Current financial liabilities | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 1,151 | 10,858 |
Current long term debt | ||
Financial instruments | ||
Financial liabilities | 700 | 10,864 |
Financial liabilities, at fair value | 1,151 | 10,858 |
Current long term debt | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 1,151 | 10,858 |
Current lease liability | ||
Financial instruments | ||
Financial liabilities | 321 | 426 |
Non-current financial liabilities | ||
Financial instruments | ||
Financial liabilities | 25,542 | 9,866 |
Financial liabilities, at fair value | 25,124 | 6,148 |
Non-current financial liabilities | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 394 | |
Non-current financial liabilities | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 24,730 | 6,148 |
Non-current derivative financial instruments | ||
Financial instruments | ||
Financial liabilities | 394 | |
Financial liabilities, at fair value | 394 | |
Non-current derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial liabilities, at fair value | 394 | |
Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 22,175 | 6,682 |
Financial liabilities, at fair value | 24,730 | 6,148 |
Non-current long term debt | Level Three | ||
Financial instruments | ||
Financial liabilities, at fair value | 24,730 | 6,148 |
Non-current lease liability | ||
Financial instruments | ||
Financial liabilities | 2,973 | 3,184 |
Financial liabilities measured at amortized cost | Current trade payables | ||
Financial instruments | ||
Financial liabilities | 2,095 | 2,797 |
Financial liabilities measured at amortized cost | Current financial liabilities | ||
Financial instruments | ||
Financial liabilities | 700 | 10,864 |
Financial liabilities measured at amortized cost | Current long term debt | ||
Financial instruments | ||
Financial liabilities | 700 | 10,864 |
Financial liabilities measured at amortized cost | Non-current financial liabilities | ||
Financial instruments | ||
Financial liabilities | 22,175 | 6,682 |
Financial liabilities measured at amortized cost | Non-current long term debt | ||
Financial instruments | ||
Financial liabilities | 22,175 | 6,682 |
Current cash and cash equivalents | ||
Financial instruments | ||
Financial assets | 5,975 | 4,368 |
Current financial assets | ||
Financial instruments | ||
Financial assets | 2,922 | 7,408 |
Financial assets, at fair value | 6,945 | |
Current financial assets | Level One | ||
Financial instruments | ||
Financial assets | 2,922 | |
Financial assets, at fair value | 6,945 | |
Bond funds | ||
Financial instruments | ||
Financial assets | 922 | 3,667 |
Financial assets, at fair value | 922 | 3,667 |
Bond funds | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 922 | 3,667 |
Bond funds (restricted) | ||
Financial instruments | ||
Financial assets | 2,000 | 2,000 |
Financial assets, at fair value | 2,000 | 2,000 |
Bond funds (restricted) | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 2,000 | 2,000 |
Current note receivable | ||
Financial instruments | ||
Financial assets | 1,278 | |
Financial assets, at fair value | 1,278 | |
Current note receivable | Level One | ||
Financial instruments | ||
Financial assets, at fair value | 1,278 | |
Restricted Cash | ||
Financial instruments | ||
Financial assets | 463 | |
Trade and other receivables | ||
Financial instruments | ||
Financial assets | 4,630 | 5,915 |
Non-current financial assets | ||
Financial instruments | ||
Financial assets | 2,765 | 2,279 |
Financial assets, at fair value | 2,765 | 2,019 |
Non-current financial assets | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 2,760 | 2,014 |
Non-current financial assets | Level Three | ||
Financial instruments | ||
Financial assets, at fair value | 5 | 5 |
Non-current derivative financial instruments | ||
Financial instruments | ||
Financial assets | 2,760 | 2,274 |
Financial assets, at fair value | 2,760 | 2,014 |
Non-current derivative financial instruments | Level Two | ||
Financial instruments | ||
Financial assets, at fair value | 2,760 | 2,014 |
Non-current equity securities | ||
Financial instruments | ||
Financial assets | 5 | 5 |
Financial assets, at fair value | 5 | 5 |
Non-current equity securities | Level Three | ||
Financial instruments | ||
Financial assets, at fair value | 5 | 5 |
FVTPL | Non-current financial liabilities | ||
Financial instruments | ||
Financial liabilities | 394 | |
FVTPL | Non-current derivative financial instruments | ||
Financial instruments | ||
Financial liabilities | 394 | |
FVTPL | Current financial assets | ||
Financial instruments | ||
Financial assets | 2,922 | 6,945 |
FVTPL | Bond funds | ||
Financial instruments | ||
Financial assets | 922 | 3,667 |
FVTPL | Bond funds (restricted) | ||
Financial instruments | ||
Financial assets | 2,000 | 2,000 |
FVTPL | Current note receivable | ||
Financial instruments | ||
Financial assets | 1,278 | |
FVTPL | Non-current financial assets | ||
Financial instruments | ||
Financial assets | 2,760 | 2,274 |
FVTPL | Non-current derivative financial instruments | ||
Financial instruments | ||
Financial assets | 2,760 | 2,274 |
FVOCI | Non-current financial assets | ||
Financial instruments | ||
Financial assets | 5 | |
FVOCI | Non-current equity securities | ||
Financial instruments | ||
Financial assets | 5 | 5 |
Assets at amortized cost | Current cash and cash equivalents | ||
Financial instruments | ||
Financial assets | 5,975 | 4,368 |
Assets at amortized cost | Current financial assets | ||
Financial instruments | ||
Financial assets | 463 | |
Assets at amortized cost | Restricted Cash | ||
Financial instruments | ||
Financial assets | 463 | |
Assets at amortized cost | Trade and other receivables | ||
Financial instruments | ||
Financial assets | € 4,630 | € 5,915 |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financial result | ||||
Interest expense | € (1,005) | € (325) | € (1,692) | € (934) |
Interest expense on lease liability | (36) | (50) | (127) | (145) |
Long-term debt | (486) | (254) | (1,094) | (745) |
Expense from revaluation of derivative financial instruments | (481) | (394) | ||
Fair value valuation of financial assets | (73) | |||
Other | (2) | (21) | (4) | (44) |
Interest income | 77 | 184 | 573 | 447 |
Payout of bond funds | 29 | 44 | 74 | 115 |
Income from revaluation of derivative financial instruments | 74 | 486 | 133 | |
Fair value valuation of financial assets | 47 | 63 | 188 | |
Other | 1 | 3 | 13 | 11 |
Financial result | € (928) | € (141) | € (1,119) | € (487) |
Segment reporting (Details)
Segment reporting (Details) € in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020EUR (€) | Sep. 30, 2019EUR (€) | Sep. 30, 2020EUR (€)segment | Sep. 30, 2019EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Segment reporting | |||||||
Number of reportable segments | segment | 2 | ||||||
Revenues | € 4,908 | € 4,436 | € 12,708 | € 15,051 | |||
Cost of sales | (3,301) | (3,571) | (8,931) | (10,747) | |||
Gross profit | € 1,607 | € 865 | € 3,777 | € 4,304 | |||
Gross profit margin (as a percent) | 32.70% | 19.50% | 29.70% | 28.60% | |||
Operating Expense | € (4,254) | € (5,142) | € (13,567) | € (15,011) | |||
Other operating expenses | (590) | (36) | (1,958) | (422) | |||
Other operating income | 223 | 787 | 1,258 | 1,468 | |||
Operating loss | (3,014) | (3,526) | (10,490) | (9,661) | |||
Finance expense | (1,005) | (325) | (1,692) | (934) | |||
Finance income | 77 | 184 | 573 | 447 | |||
Financial result | (928) | (141) | (1,119) | (487) | |||
Loss before income tax | (3,942) | (3,667) | (11,609) | (10,148) | |||
Income tax expense | (93) | (68) | (150) | (123) | |||
Net loss | (4,035) | (3,735) | (11,759) | (10,271) | € (13,978) | € (8,747) | € (8,581) |
Systems | |||||||
Segment reporting | |||||||
Revenues | 2,686 | 1,636 | 5,862 | 6,180 | |||
Cost of sales | (1,626) | (1,279) | (3,822) | (4,463) | |||
Gross profit | € 1,060 | € 357 | € 2,040 | € 1,717 | |||
Gross profit margin (as a percent) | 39.50% | 21.80% | 34.80% | 27.80% | |||
Services | |||||||
Segment reporting | |||||||
Revenues | € 2,222 | € 2,800 | € 6,846 | € 8,871 | |||
Cost of sales | (1,675) | (2,292) | (5,109) | (6,284) | |||
Gross profit | € 547 | € 508 | € 1,737 | € 2,587 | |||
Gross profit margin (as a percent) | 24.60% | 18.10% | 25.40% | 29.20% | |||
Operating segments | |||||||
Segment reporting | |||||||
Revenues | € 4,908 | € 4,436 | € 12,708 | € 15,051 | |||
Operating segments | Systems | |||||||
Segment reporting | |||||||
Revenues | 2,836 | 1,966 | 6,437 | 6,777 | |||
Operating segments | Services | |||||||
Segment reporting | |||||||
Revenues | 2,222 | 2,800 | 6,846 | 8,871 | |||
Intra-segment | |||||||
Segment reporting | |||||||
Revenues | (150) | (330) | (575) | (597) | |||
Intra-segment | Systems | |||||||
Segment reporting | |||||||
Revenues | € (150) | € (330) | € (575) | € (597) |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | ||||
Revenue from contracts with customers | € 4,908 | € 4,436 | € 12,708 | € 15,051 |
EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 2,389 | 2,585 | 7,480 | 7,901 |
Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 532 | 433 | 1,387 | 1,863 |
Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 1,987 | 1,418 | 3,841 | 5,287 |
Systems | ||||
Revenues | ||||
Revenue from contracts with customers | 2,686 | 1,636 | 5,862 | 6,180 |
Systems | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 2,392 | 1,235 | 5,074 | 5,360 |
Systems | Products and services transferred over time | ||||
Revenues | ||||
Revenue from contracts with customers | 294 | 401 | 788 | 820 |
Systems | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 1,025 | 946 | 3,290 | 2,782 |
Systems | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 309 | 221 | 704 | 1,151 |
Systems | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | 1,352 | 469 | 1,868 | 2,247 |
Services | ||||
Revenues | ||||
Revenue from contracts with customers | 2,222 | 2,800 | 6,846 | 8,871 |
Services | Products transferred at a point in time | ||||
Revenues | ||||
Revenue from contracts with customers | 2,222 | 2,800 | 6,846 | 8,871 |
Services | EMEA | ||||
Revenues | ||||
Revenue from contracts with customers | 1,364 | 1,639 | 4,190 | 5,119 |
Services | Asia Pacific | ||||
Revenues | ||||
Revenue from contracts with customers | 223 | 212 | 683 | 712 |
Services | Americas | ||||
Revenues | ||||
Revenue from contracts with customers | € 635 | € 949 | € 1,973 | € 3,040 |
Revenues - Geographic (Details)
Revenues - Geographic (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of geographical areas [line items] | ||||
Revenues | € 4,908 | € 4,436 | € 12,708 | € 15,051 |
EMEA | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2,389 | 2,585 | 7,480 | 7,901 |
Germany | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 834 | 1,231 | 3,644 | 3,606 |
France | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 189 | 399 | 686 | 1,039 |
SWITZERLAND | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 102 | 54 | 195 | 494 |
Great Britain | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 205 | 270 | 765 | 980 |
Others-EMEA | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,059 | 631 | 2,190 | 1,782 |
Asia Pacific | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 532 | 433 | 1,387 | 1,863 |
China | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 326 | 242 | 816 | 734 |
South Korea | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 160 | 134 | 428 | 481 |
Others-Asia Pacific | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 46 | 57 | 143 | 648 |
Americas | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,987 | 1,418 | 3,841 | 5,287 |
United States | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,981 | 1,289 | 3,722 | 5,096 |
Others-Americas | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | € 6 | € 129 | € 119 | € 191 |
Related party transactions - Ot
Related party transactions - Other (Details) - EUR (€) € in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Office space Augsburg, Germany | ||
Related parties | ||
Rent expense | € 2 | € 2 |
Schlosserei und Metallbau Ederer, Dieen | ||
Related parties | ||
Acquired goods from related parties | 0 | 0 |
Andreas Schmid Logistik AG, Gersthofen | ||
Related parties | ||
Services received from related parties | 25 | 43 |
Suzhou Meimai Fast Manufacturing Technology Co., Ltd, Suzhou | ||
Related parties | ||
Revenue from related parties | 19 | 136 |
DSCS Digital Supply Chain Solutions GmbH, Gersthofen | ||
Related parties | ||
Revenue from related parties | € 0 | 11 |
Ownership interest in associate (as a percent) | 33.30% | |
Michele Neuber | ||
Related parties | ||
Services received from related parties | € 1 | € 1 |
Subsequent events (Details)
Subsequent events (Details) - Reappointment of members of the management board | Nov. 12, 2020EUR (€)item |
Subsequent events | |
Management board reappointed | 3 years |
Service agreement | 3 years |
Total remuneration payable | 50.00% |
Lump sum payment | item | 2 |
Capped payment | € 1,425,000 |
Period of termination | 2 years |
Fixed salary (as a percent) | 100.00% |
Non-compete period | 2 years |
Period of compensation termination | 1 month |
Base salary (as a percent) | 30.00% |
Business-year period | 3 years |
Yearly base salary (as a percent) | 100.00% |
Maximum compensation | € 491,400 |
Minimum | |
Subsequent events | |
Fixed salary (as a percent) | 50.00% |